The Fund is very different from most mutual funds in that it seeks to provide leveraged inverse investment
results on a daily basis. The pursuit of such investment goal has the following implications:
The Fund is riskier than alternatives that
do not use leverage because the performance of an investment in the Fund is magnified. The effect of leverage on the Fund will generally cause the Funds performance to not match the performance of the Funds benchmark over a period of
time greater than one day. This means that the return of the Fund for a period of longer than a single trading day will be the result of each days compounded returns over the period, which will very likely differ from the return of the
Funds benchmark stated in the Funds investment objective for that period. As a consequence, especially in periods of market volatility, the path or trend of the benchmark during the longer period may be at least as important to the
Funds cumulative return for the longer period as the cumulative return of the benchmark for the relevant longer period. Further, the return for investors who invest for a period longer than a single trading day will not be the product of the
return of the Funds stated investment goal (
e.g.
, -2x) and the cumulative performance of the Funds benchmark.
The
risk of the Fund not achieving its daily investment objective will be more acute when the underlying index has an extreme one-day movement approaching 50%. In addition, as a result of compounding, the Funds performance for periods greater than
one day is likely to be either greater than or less than the performance of the underlying index times the stated multiple in the Funds investment objective (
e.g.,
-2x), before accounting for fees and fund expenses.
The Fund is not suitable for all investors and is designed to be utilized only by sophisticated investors who (a) understand the risks associated
with the use of leverage, (b) understand the consequences of seeking daily leveraged investment results, (c) understand the risk of shorting, and (d) intend to actively monitor and manage their investments. Investors who do not understand the
Fund or do not intend to actively manage and monitor their investments should not buy shares of the Fund.
There is no assurance that the
Fund will achieve its objective and an investment in the Fund could lose money. The Fund is not a complete investment program.
Before you invest, you may wish to review
the Funds Prospectus, which contains more information about the Fund and its risks. You may obtain the Prospectus and other information about the Fund, including the Statement of Additional Information (SAI) and most recent reports to
shareholders, at no cost by visiting http://guggenheiminvestments.com/services/prospectuses-and-reports, calling 800.820.0888 or e-mailing services@guggenheiminvestments.com. The Funds Prospectus and SAI, both dated August 1, 2013, as revised
from time to time, and the Funds most recent shareholder reports, are incorporated by reference into this Summary Prospectus.
SUMI5002XAC-0813x0814
Inverse S&P 500
®
2x Strategy Fund
IMPORTANT INFORMATION ABOUT THE FUND
The Inverse S&P 500
®
2x Strategy Fund (the
Fund) is very different from most other mutual funds in that it seeks to provide
leveraged
investment results that match the opposite of the performance of a specific benchmark on a
daily basis
, a result opposite of most
mutual funds. As a result, the Fund may be riskier than alternatives that do not use leverage because the performance of an investment in the Fund is magnified.
The effect of leverage on the Fund will generally cause the Funds performance to not match the performance of the Funds benchmark (as described below) over a period of time greater than
one day. This means that the return of the Fund for a period of longer than a single trading day will be the result of each days compounded returns over the period, which will very likely differ from twice the inverse return of the Funds
underlying index (as defined below) for that period. As a consequence, especially in periods of market volatility, the path or trend of the benchmark during the longer period may be at least as important to the Funds cumulative return for the
longer period as the cumulative return of the benchmark for the relevant longer period. Further, the return for investors who invest for a period longer than a single trading day will not be the product of the return of the Funds stated
investment goal (
e.g.
, -2x) and the cumulative performance of the underlying index (as defined below).
The Fund is not
suitable for all investors.
The Fund should be utilized only by investors who (a) understand the risks associated with the use of leverage, (b) understand the consequences of seeking daily leveraged investment results,
(c) understand the risk of shorting and (d) intend to actively monitor and manage their investments. Investors who do not meet these criteria should not buy shares of the Fund. An investment in the Fund is not a complete investment
program.
INVESTMENT OBJECTIVE
The Fund seeks to provide investment results that match, before fees and expenses, the performance of a specific benchmark on a daily basis. The Funds current benchmark is 200% of the inverse
(opposite) of the performance of the S&P 500
®
Index (the underlying index). The Fund does
not seek to achieve its investment objective over a period of time greater than one day.
FEES AND EXPENSES OF THE FUND
This table describes the fees and expenses that you may pay if you buy and hold A-Class Shares or C-Class Shares of the Fund. You may qualify for
sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in certain funds in the Guggenheim Investments family of funds. More information about these and other discounts is available from your
financial professional and under the Sales Charges section on page 66 of the Prospectus and in the Sales Charges, Reductions, and Waivers section beginning on page 53 of the Funds Statement of Additional Information
(the SAI).
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A-Class
|
|
|
C-Class
|
|
SHAREHOLDER FEES
(fees paid directly from your investment)
|
|
|
|
|
|
|
|
|
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering
price)
|
|
|
4.75%
|
|
|
|
None
|
|
Maximum Deferred Sales Charge (Load) (as a percentage of initial purchase price or
current market value, whichever is less)
|
|
|
None
|
|
|
|
1.00%
|
|
ANNUAL FUND OPERATING EXPENSES*
(expenses that you pay each year as a percentage of the value of your
investment)
|
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|
|
|
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|
Management Fees
|
|
|
0.90%
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|
|
0.90%
|
|
Distribution and/or Shareholder Service (12b-1) Fees
|
|
|
0.25%
|
|
|
|
1.00%
|
|
Other Expenses
|
|
|
0.61%
|
|
|
|
0.61%
|
|
Total Annual Fund Operating Expenses
|
|
|
1.76%
|
|
|
|
2.51%
|
|
*
|
The expense information in the table has been restated to reflect current fees.
|
EXAMPLE
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.
The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then redeem all of your shares at the end of those periods. The Example also assumes that your investment
has a 5% return each year and that the Funds operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
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1 Year
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3 Years
|
|
|
5 Years
|
|
|
10 Years
|
|
A-Class Shares
|
|
$
|
645
|
|
|
$
|
1,003
|
|
|
$
|
1,384
|
|
|
$
|
2,450
|
|
C-Class Shares
|
|
$
|
354
|
|
|
$
|
782
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|
|
$
|
1,336
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$
|
2,846
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|
You would pay the following expenses if you did not redeem your shares:
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1 Year
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3 Years
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5 Years
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10 Years
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C-Class Shares
|
|
$
|
254
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$
|
782
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|
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$
|
1,336
|
|
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$
|
2,846
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PORTFOLIO TURNOVER
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction
costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the Example, affect the Funds performance. During the most recent fiscal
year, the Funds portfolio turnover rate was 0% of the average value of its portfolio. The Funds portfolio turnover rate is calculated without regard to cash instruments or derivatives. If such instruments were included, the Funds
portfolio turnover rate might be significantly higher.
PRINCIPAL INVESTMENT STRATEGIES
The Fund employs as its investment strategy a program of engaging in short sales of securities generally included in the
underlying index and investing in derivative instruments, which primarily consist of equity index swaps, futures contracts, and options on securities, securities indices, and futures contracts. The Funds investment in derivatives serves as a
substitute for directly selling short each of the securities included in the underlying index. Certain of the Funds derivative investments may be traded in the over-the-counter (OTC) market, which generally provides for less
transparency than exchange-traded derivative instruments. Under normal circumstances, the Fund will invest at least 80% of its net assets, plus any borrowings for investment purposes, in financial instruments with economic characteristics that
should perform opposite to the securities of companies included in the underlying index. The S&P 500
®
Index is a capitalization-weighted index composed of 500 common stocks, which are chosen by the Standard & Poors Corporation (S&P) on a statistical basis, and which generally represent large-capitalization companies
with capitalizations ranging from $2 billion to $401.7 billion as of June 30, 2013. To the extent the Funds underlying index is concentrated in a particular industry the Fund will necessarily be concentrated in that industry. On a
day-to-day basis, the Fund may hold U.S. government securities or cash equivalents to collateralize its derivative positions. The Fund also may enter into repurchase agreements with counterparties that are deemed to present acceptable credit risks.
In an effort to ensure that the Fund is fully invested on a day-to-day basis, the Fund may conduct any necessary trading activity at or just prior to the close of the U.S. financial markets. The Fund is non-diversified and, therefore, may invest a
greater percentage of its assets in a particular issuer in comparison to a diversified fund.
PRINCIPAL RISKS
As with all mutual funds, a shareholder is subject to the risk that his or her investment could lose money. In addition to this risk, the Fund is
subject to a number of additional risks that may affect the value of its shares, including:
Active Trading Risk
Active
trading, also called high portfolio turnover, may result in higher brokerage costs or mark-up charges, which may negatively affect Fund performance. High portfolio turnover may also result in high levels of short-term capital gains,
which are generally taxable as ordinary income when distributed to shareholders. Large movements of assets into and out of the Fund due to active trading also may adversely affect the Funds ability to achieve its investment objective.
CFTC Regulatory Risk
The Commodity Futures Trading Commission (CFTC) has recently adopted amendments to certain
CFTC rules, and is in the process of promulgating new rules, that subject the Fund and the Advisor to certain CFTC disclosure, reporting, and recordkeeping requirements if the Fund does not operate within certain derivatives trading and marketing
limitations. Compliance with these additional requirements will likely increase Fund expenses and may adversely affect the Funds ability to obtain exposure to certain investments and the commodities market generally. Certain of the regulatory
requirements that would
apply to the Fund have not yet been adopted, and it is unclear what the effect of those requirements would be on the Fund if they are adopted. Consistent with the Funds investment
strategies and investment policies, the Advisor intends to maintain the flexibility to utilize certain derivatives beyond the CFTCs new trading limitations and to comply with CFTC rules to the extent required to maintain such investment
flexibility.
Correlation and Compounding Risk
A number of factors may affect the Funds ability to achieve a high
degree of correlation with its benchmark, and there can be no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective. The risk
of the Fund not achieving its daily investment objective will be more acute when the underlying index has an extreme one-day movement approaching 50%.
In addition, as a result of compounding, because the Fund has a single day investment
objective, the Funds performance for periods greater than one day is likely to be either greater than or less than the inverse of the performance of the underlying index times the stated multiple in the Funds investment objective, before
accounting for fees and Fund expenses.
Compounding affects all investments, but has a more significant impact on a leveraged fund.
In general, particularly during periods of higher index volatility, compounding will cause longer term results to be more or less than the inverse of the return of the underlying index. This effect becomes more pronounced as volatility increases.
Fund performance for periods greater than one day can be estimated given any set of assumptions for the following factors:
(a) underlying index performance; (b) underlying index volatility; (c) financing rates associated with leverage; (d) other Fund expenses; (e) dividends paid by companies in the underlying index; and (f) period of time.
The chart below illustrates the impact of two principal factorsvolatility and index performanceon Fund performance. The chart shows estimated Fund returns for a number of combinations of performance and volatility over a one-year period.
Performance shown in the chart assumes: (a) no dividends paid by the companies included in the underlying index; (b) no Fund expenses; and (c) a cost of leverage of zero percent. If Fund expenses were included, the Funds
performance would be lower than shown.
Areas shaded lighter represent those scenarios where the Fund can be expected to return more than
twice the inverse performance of the underlying index; conversely, areas shaded darker represent those scenarios where the Fund can be expected to return the same or less than twice the inverse performance of the underlying index.
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Index Performance
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Annualized Volatility
|
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1x
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|
-2x
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10%
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|
|
25%
|
|
|
50%
|
|
|
75%
|
|
|
100%
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|
|
-60%
|
|
|
|
120%
|
|
|
|
506%
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|
|
|
404%
|
|
|
|
199%
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|
|
|
13%
|
|
|
|
-69%
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|
|
-50%
|
|
|
|
100%
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|
|
|
286%
|
|
|
|
229%
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|
|
|
91%
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|
|
-27%
|
|
|
|
-82%
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|
|
-40%
|
|
|
|
80%
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|
|
|
171%
|
|
|
|
128%
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|
|
|
33%
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|
|
|
-49%
|
|
|
|
-86%
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|
|
-30%
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|
|
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60%
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|
|
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99%
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|
|
|
70%
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|
|
-1%
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|
|
|
-62%
|
|
|
|
-90%
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|
|
-20%
|
|
|
|
40%
|
|
|
|
52%
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|
|
|
31%
|
|
|
|
-27%
|
|
|
|
-70%
|
|
|
|
-93%
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|
|
-10%
|
|
|
|
20%
|
|
|
|
20%
|
|
|
|
3%
|
|
|
|
-42%
|
|
|
|
-77%
|
|
|
|
-94%
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|
|
0%
|
|
|
|
0%
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|
|
|
-3%
|
|
|
|
-18%
|
|
|
|
-52%
|
|
|
|
-81%
|
|
|
|
-96%
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|
|
10%
|
|
|
|
-20%
|
|
|
|
-19%
|
|
|
|
-31%
|
|
|
|
-61%
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|
|
|
-84%
|
|
|
|
-96%
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|
20%
|
|
|
|
-40%
|
|
|
|
-32%
|
|
|
|
-43%
|
|
|
|
-67%
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|
|
|
-87%
|
|
|
|
-97%
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|
|
30%
|
|
|
|
-60%
|
|
|
|
-42%
|
|
|
|
-51%
|
|
|
|
-72%
|
|
|
|
-89%
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|
|
|
-97%
|
|
|
40%
|
|
|
|
-80%
|
|
|
|
-50%
|
|
|
|
-58%
|
|
|
|
-75%
|
|
|
|
-91%
|
|
|
|
-97%
|
|
|
50%
|
|
|
|
-100%
|
|
|
|
-57%
|
|
|
|
-63%
|
|
|
|
-79%
|
|
|
|
-92%
|
|
|
|
-98%
|
|
|
60%
|
|
|
|
-120%
|
|
|
|
-62%
|
|
|
|
-68%
|
|
|
|
-82%
|
|
|
|
-93%
|
|
|
|
-98%
|
|
The underlying indexs annualized historical volatility rate for the five year period ended June 30, 2013
is 18.42%. The underlying indexs highest one-year volatility rate during the five year period is 8.22%. The underlying indexs annualized performance for the five year period ended June 30, 2013 is 7.01%.
Historical underlying index volatility and performance are not indications of what the underlying index volatility and performance will be in the
future.
Counterparty Credit Risk
The Fund may invest in financial instruments involving counterparties that attempt to gain
exposure to a particular group of securities, index or asset class without actually purchasing those securities or investments, or to hedge a position. The Funds use of such financial instruments, including swap agreements, involves risks that
are different from those
associated with ordinary portfolio securities transactions. For example, if a swap agreement counterparty defaults on its payment obligations to the Fund, this default will cause the value of
your investment in the Fund to decrease. Swap agreements also may be considered to be illiquid. Similarly, if the credit quality of an issuer or guarantor of a debt instrument improves, this change may adversely affect the value of the Funds
investment.
Derivatives Risk
The Funds investments in derivatives may pose risks in addition to those associated with
investing directly in securities or other investments, including illiquidity of the derivatives, imperfect correlations with underlying investments or the Funds other portfolio holdings, lack of availability and counterparty risk. When used to
generate leveraged exposure, the Funds investments in derivatives may expose the Fund to potentially dramatic losses (or gains) in the value of the derivative instruments. The Fund could lose more than the principal amount invested.
Early Closing Risk
The Fund is subject to the risk that unanticipated early closings of securities exchanges and other
financial markets may result in the Funds inability to buy or sell securities or other financial instruments on that day and may cause the Fund to incur substantial trading losses.
Equity Risk
The Fund is subject to the risk that the value of the equity securities or equity-based derivatives in the Funds portfolio will decline due to volatility in the equity
market caused by general market and economic conditions, perceptions regarding particular industries represented in the equity market, or factors relating to specific companies to which the Fund has investment exposure.
Large-Capitalization Securities Risk
The Fund is subject to the risk that large-capitalization stocks may outperform other segments of
the equity market or the equity market as a whole.
Leveraging Risk
The Fund achieves leveraged exposure to the underlying
index through the use of derivative instruments. The more the Fund invests in leveraged instruments, the more this leverage will magnify any losses on those investments. The Funds investment in these instruments generally requires a small
investment relative to the amount of investment exposure assumed. As a result, such investments may give rise to losses that exceed the amount invested in those instruments. Since the Funds investment strategy involves consistently
applied leverage, the value of the Funds shares will tend to increase or decrease more than the value of any increase or decrease in the underlying index. Leverage also will have the effect of magnifying tracking error.
Liquidity Risk
In certain circumstances, it may be difficult for the Fund to purchase and sell particular investments within a
reasonable time at a fair price. While the Fund intends to invest in liquid futures, options, forwards and swap contracts, under certain market conditions, such as when the market makes a limit move, it may be difficult or impossible for
the Fund to liquidate such investments. In addition, the ability of the Fund to assign an accurate daily value to certain investments may be difficult, and the Advisor may be required to fair value the investments.
Market Risk
The Funds investments in securities and derivatives, in general, are subject to market risks that may cause their
prices, and therefore the Funds value, to fluctuate over time. An investment in the Fund may lose money.
Non-Diversification
Risk
The Fund is considered non-diversified and can invest a greater portion of its assets in securities of individual issuers than a diversified fund. As a result, changes in the market value of a single security could cause greater
fluctuations in the value of Fund shares than would occur in a diversified fund.
OTC Trading Risk
Certain of the derivatives
in which the Fund may invest may be traded (and privately negotiated) in the OTC market. While the OTC derivatives market is the primary trading venue for many derivatives, it is largely unregulated. As a result and similar to other privately
negotiated contracts, the Fund is subject to counterparty credit risk with respect to such derivative contracts.
Passive Investment
Risk
The Fund is not actively managed and the Advisor does not attempt to take defensive positions in rising markets. Therefore, the Fund may be subject to greater losses in a rising market than a fund that is actively managed.
Repurchase Agreement Risk
The Funds investment in repurchase agreements may be subject to market and credit risk with respect to
the collateral securing the repurchase agreements. Investments in repurchase agreements also may be subject to the risk that the market value of the underlying obligations may decline prior to the expiration of the repurchase agreement term.
Short Sales Risk
Short selling a security involves selling a borrowed security with the expectation that the value of the
security will decline, so that the security may be purchased at a lower price when returning the borrowed security. The risk for loss on short selling is greater than the original value of the securities sold short because the price of the borrowed
security may rise, thereby increasing the price at which the security must be purchased. Government actions also may affect the Funds ability to engage in short selling.
Tracking Error Risk
The Advisor may not be able to cause the Funds performance to match that of the Funds benchmark, either on a daily or aggregate basis. Factors such as
Fund expenses, imperfect correlation between the Funds investments and those of
the underlying index, rounding of share prices, changes to the composition of the underlying index, regulatory policies, high portfolio turnover rate and the use of leverage all contribute to
tracking error. Tracking error may cause the Funds performance to be less than you expect.
Trading Halt Risk
If a
trading halt occurs, the Fund may temporarily be unable to purchase or sell securities, options or futures contracts. Such a trading halt near the time the Fund prices its shares may limit the Funds ability to use leverage and may prevent the
Fund from achieving its investment objective.
PERFORMANCE INFORMATION
The following bar chart shows the performance of the C-Class Shares of the Fund from year to year. The variability of performance over time provides an indication of the risks of investing in the
Fund. The following table shows the performance of the A-Class Shares and C-Class Shares of the Fund as an average over different periods of time in comparison to the performance of a broad-based market index. The figures in the bar chart and table
assume the reinvestment of dividends and capital gains distributions; however, the figures in the bar chart do not reflect sales charges. If the figures in the bar chart reflected sales charges, returns would be lower. Of course, this past
performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.
Updated performance
information is available on the Funds website at www.guggenheiminvestments.com or by calling Guggenheim Investments Client Services at 800.820.0888.
The performance information shown below for C-Class Shares is based on a calendar year. The year-to-date return for the period from January 1, 2013 through June 30, 2013 is -25.09%.
|
|
|
Highest Quarter Return
(quarter ended 9/30/2011) 22.78%
|
|
Lowest Quarter Return
(quarter ended 6/30/2009) -29.38%
|
AVERAGE ANNUAL TOTAL RETURN
(for periods ended December 31, 2012)
The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not
reflect the impact of state and local taxes. Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold shares of the Fund through
tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
|
|
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|
|
|
|
|
|
|
|
|
|
A-Class Shares
|
|
Past
1 Year
|
|
|
Past
5 Years
|
|
|
Since Inception
(9/1/2004)
|
|
Return Before Taxes
|
|
|
-33.78%
|
|
|
|
-21.85%
|
|
|
|
-18.49%
|
|
Return After Taxes on Distributions
|
|
|
-33.78%
|
|
|
|
-21.89%
|
|
|
|
-18.81%
|
|
Return After Taxes on Distributions and Sale of Fund Shares
|
|
|
-21.96%
|
|
|
|
-16.82%
|
|
|
|
-13.26%
|
|
S&P 500
®
Index
(reflects no deduction for fees, expenses or taxes)
|
|
|
16.00%
|
|
|
|
1.66%
|
|
|
|
5.27%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C-Class Shares
|
|
Past
1 Year
|
|
|
Past
5 Years
|
|
|
Past
10 Years
|
|
Return Before Taxes
|
|
|
-31.60%
|
|
|
|
-21.62%
|
|
|
|
-20.80%
|
|
Return After Taxes on Distributions
|
|
|
-31.60%
|
|
|
|
-21.67%
|
|
|
|
-21.07%
|
|
Return After Taxes on Distributions and Sale of Fund Shares
|
|
|
-20.54%
|
|
|
|
-16.67%
|
|
|
|
-13.55%
|
|
S&P 500
®
Index
(reflects no deduction for fees, expenses or taxes)
|
|
|
16.00%
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1.66%
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|
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7.10%
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MANAGEMENT
INVESTMENT ADVISOR
Security Investors, LLC,
which operates under the name Guggenheim Investments, serves as the investment adviser of the Fund.
PORTFOLIO MANAGERS
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Michael P. Byrum,
CFA, Senior Vice President. Mr. Byrum has been associated with the Advisor since 1993.
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Michael J. Dellapa,
CFA, CAIA, Portfolio Manager. Mr. Dellapa has been associated with the Advisor since 2000.
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Ryan A. Harder,
CFA, Portfolio Manager. Mr. Harder has been associated with the Advisor since 2004.
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PURCHASE AND SALE OF FUND SHARES
The
minimum initial investment amounts and account balance requirements for A-Class Shares or C-Class Shares are typically:
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$1,000 for retirement accounts
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$2,500 for all other accounts
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Accounts opened through a financial intermediary will be subject to your financial intermediarys minimum initial investment amount and minimum account balance requirements, which may be
different than the amounts above.
There are no minimum amount requirements for subsequent investments in the Fund except for subsequent
investments made via Automated Clearing House (ACH).
The Fund reserves the right to modify its minimum account balance
requirements at any time, with or without prior notice to you.
The Fund redeems its shares continuously and investors may sell their
shares back to the Fund on any day that the New York Stock Exchange (the NYSE) is open for business (a Business Day). You will ordinarily submit your transaction order through your financial intermediary or other securities
dealers through which you opened your shareholder account or through Guggenheim Investments directly. The Fund also offers you the option to send redemption orders to Guggenheim Investments by mail, fax or telephone.
TAX INFORMATION
Fund distributions are
generally taxable as ordinary income or capital gains (or a combination of both), unless your investment is in an IRA or other tax-advantaged retirement account.
PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES
If you purchase the Fund through
a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the
broker-dealer or other intermediary and your sales person to recommend the Fund over another investment. Ask your sales person or visit your financial intermediarys website for more information.
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